Local pawn shops can provide temporary loans for individuals with immediate financial needs. Some form of collateral is required to secure the pawn loan, and many people opt to utilize their firearms as collateral.
Guns can be valuable on the open market, even if they are used. Since the buying and selling of firearms is subject to strict federal regulations, there are some critical things you need to know before attempting to pawn your gun at a local pawn shop.
1. Your gun must be prepared for the pawn process.
The process of pawning your firearm for instant cash begins before you remove the gun from your home. Take the time to clean your weapon so that it will show well when the pawnbroker is examining the weapon to determine value.
Check and re-check that the gun is unloaded before taking it to the pawn shop. If you have a case (either hard or soft) for your gun, place the weapon gently inside the case before traveling to the pawn shop. This will prevent any unforeseen damages that might lower the value of the weapon.
2. Your pawn shop must have the right credentials.
Selecting a pawn shop to work with can be a little more challenging for individuals looking to use their firearms as collateral for a pawn loan. Because the trafficking of firearms is closely regulated by the federal government, any pawn shop that houses firearms will need to be licensed to do so.
Call around to the pawn shops in your area to determine which retail locations have the credentials needed to ensure they will accept your firearms as collateral.
3. You will need to complete a background check when picking up your firearm.
Pawn loans are designed to offer temporary financial relief. Once you have the money to repay the pawn loan, you can regain ownership of your firearm. Federal regulations require that pawn shop brokers complete a full background check on any individual leaving the premises with a firearm.
Even though you are the original owner of the gun, you must pass this background check. Be prepared for the background check by bringing along your photo ID and some pieces of official mail showing your current address.
You will be asked to fill out some forms, then the pawnbroker will run your information through the FBI's automated system. Being prepared for the background check can expedite the return of your firearm from a pawn shop. Contact a shop, like Wimpey's Pawn Shop, for more help.Share